December 1 (Renewables Now) - The European Investment Bank (EIB) on Thursday announced the launch of a EUR-700-million-plus (USD 835m) pan-European infrastructure fund called Marguerite II, which will focus on greenfield investments.
The new fund is part of the Marguerite platform that supports key infrastructure investments in renewables, energy, transport and digital infrastructure. Marguerite II will back energy efficiency improvements and renewable energy expansion, as well as projects aimed at increasing access to high-speed fibre Internet, improving transport connections and strengthening energy security. It will also support green and innovative projects which contribute to the transition towards a low-carbon economy.
The EIB will contribute EUR 200 million to the fund, while each of Polish Bank Gospodarstwa Krajowego (BGK), the French Caisse des Depots Group (CDC), the Italian Cassa depositi e prestiti (CDP), Germany’s KfW and the Spanish Instituto de Credito Oficial (ICO) will provide EUR 100 million.
Marguerite II is a 10-year fund that could be extended twice for an additional year. It is expected to be fully invested in five years. Its predecessor, the Marguerite Fund, has committed more than EUR 700 million worth of equity and quasi-equity capital to 20 investments in 12 member states, the EIB said.
(EUR 1.0 = USD 1.193)